{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-5003.7","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-5003.7","heading":"Five-year economic development plan and updates","body":"A. The Oklahoma Department of Commerce shall prepare, with the\n\ncooperation of the Oklahoma business community, agricultural\n\ncommunity, financial community, universities, labor, the state\n\nexecutive and legislative branches, and the Oklahoma Workforce\n\nCommission, a five-year economic development plan and annual updates\n\nfor this state.\n\n1. The purpose of the plan shall be to identify significant\n\neconomic, social, and demographic trends which may have both short-\n\nterm and long-term impacts on the state and local economy and to\n\npresent strategies and recommendations that the state and local\n\npolitical subdivisions might adopt to improve or stabilize the\n\neconomy.\n\n2. The goals of the plan shall include the development of a\n\ndiversified state economy; the increase of employment; the maximum\n\nuse of federal, state and local funds to achieve the goals or\n\nrecommendations included in the plan; the maximum investment of\n\ncapital in the economy of the state; and the improvement of the\n\nquality of life in the state.\n\n3. The plan wherever possible shall make recommendations to\n\nencourage intergovernmental cooperation and public and private\n\ncooperation.\n\n4. The plan shall include an economic development strategy for\n\nthe state that addresses target industries, site development, and\n\nworkforce needs to meet the state goals.\n\n5. Copies of the plan and the annual updates shall be submitted\n\nelectronically to the Oklahoma Advisory Committee on\n\nIntergovernmental Relations, the Governor, the Speaker of the House\n\nof Representatives, the President Pro Tempore of the Senate and the\n\nmembers of the Legislative Evaluation and Development Committee, as\n\ncreated in Section 5090.1 of this title, and be made available to\n\nthe public on the Department’s website on the first day of each\n\nlegislative session.\n\n6. The Department shall develop and manage a complete economic\n\ninformation system which will support the five-year planning\n\nprocess, and which will make available complete and timely\n\ninformation on the state economy. The economic information system\n\nshall be operated by public or private Oklahoma universities or an\n\nOklahoma enterprise capable of providing such services in a cost-\n\neffective manner.\n\nB. The Chief Executive Officer of the Oklahoma Department of\n\nCommerce shall present the strategic plan to the Oklahoma Department\n\nof Commerce Board, as created in Section 4 of this act, for\n\napproval.\n\nC. The Department, in conjunction with the Oklahoma Development\n\nFinance Authority, is authorized to develop an infrastructure\n\nprogram which will enable political subdivisions of this state to\n\nfinance public works projects in order to modify or improve existing\n\npublic facilities for purposes of bringing such facilities, and the\n\noperation thereof, into compliance with and maintaining compliance\n\nwith federal, state and local laws and regulations pertaining to the\n\nprotection of the public health and the environment.\n\nD. The Chief Executive Officer shall develop an annual business\n\nplan for the Department. The business plan shall include the need\n\nand mission of each division of the Department created by law or the\n\nChief Executive Officer and an analysis of past costs and benefits\n\nand future projected costs and benefits to the state of the programs\n\nof each division of the Department. The business plan shall be\n\nconsistent with the goals of the recurring five-year plan specified\n\nin this section. The Chief Executive Officer shall distribute\n\ncopies of the business plan by such means that will make it widely\n\navailable to communities, firms and local economic development\n\nmanagers throughout this state.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"7ddceaf3372a7e2bc68b6482925f0ee0cb104714e48fa75cec95031c95e66bca","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-5003.6","next":"us-ok/okla.-stat.-tit.-74-74-5003.8"},"notice":"GroundRules: Original legal text. Not legal advice."}